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Bitcoin and other cryptocurrencies remain in technological infancy relative to the absurd amount of investor interest they hold. Hacks of this scale will likely
by larkeith 9y ago
Bitcoin and other cryptocurrencies remain in technological infancy relative to the absurd amount of investor interest they hold. Hacks of this scale will likely continue to occur for the forseeable future, until exchanges develop and deploy techniques to limit potential lossage to hacks (e.g. minimal networked wallets), and will require several more years to provide a secure track record.
In the interim, the convenience of exchange bitcoin storage will continue to come at an increase in risk.
- ReverseCold 9y agoThis seems to be exchange incompetence, their only wallet as a hot wallet. Disclaimer: I hold some XEM, have contributed to source, etc.
- larkeith 9y agoIIRC the only thing remotely close to breaking a crypto we've seen is the DAO hack; otherwise, it's generally incompetency somewhere along the chain, so that's not at all surprising to hear. Rather astonishing in magnitude (a single hot wallet?), but such is tech.
- baby 9y agocrypto has been broken a lot over the past, look at MD5, RC4, DES, SHA1, ...
- cal5k 9y agoWell, technically only their altcoins were kept in a hot wallet - still, unbelievable incompetence. This is where regulation is sorely needed.
- krapp 9y ago> This is where regulation is sorely needed. The need for financial regulation and trusted authority is supposed to be the problem cryptocurrencies exist to solve - free market forces and reputation alone should be sufficient.
- cal5k 9y agoThe libertarian dream. Clearly not supported by the libertarian reality. Besides - it's a fantasy to think that exchanges, which by definition deal in fiat currency, would somehow be immune to government regulation.